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This is the website of Barings LLC and its global subsidiaries (collectively “Barings”).* By using this website you confirm that you have read and agree to the following terms. Please read these terms carefully. If you do not agree to these terms, you may not use this website or access any information contained on it.

Intended Audience
The contents of this website are targeted at and intended for the use of persons who have self-identified themselves as meeting the relevant criteria set out upon entering the website. If you do not meet these criteria you may not use this website. If you are unsure if you meet the criteria, please seek legal advice before proceeding.

No other person or investor, regardless of their domicile, should access or rely upon the information contained in this website.

Investment Involves Risks
The value of investments and any income generated may go down as well as up and is not guaranteed. Past performance is not a guide to future performance. Different funds and different investments have different levels of risk.

Information Contained On The Web Site

The information available on this website does not constitute an offer of, or an invitation to apply for or purchase any service, security, investment, fund or product outlined. No information contained on this website constitutes an offer or solicitation for the sale of any security or service in any jurisdiction where we or the security or service are not licensed. Some products or services described in this website may not be available in all jurisdictions.

The information available on this website is not, and must not be treated as, investment advice, investment recommendations, or investment research and must not be construed as either projections or predictions.

Unless otherwise mentioned, the views contained on this website are those of Barings. These views may no longer be current and may have already been acted upon.

Information on the website is provided on an "as is" and "as available" basis and Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness, adequacy, timeliness or suitability of the information.

Before making any investment decision, it is recommended that you read, understand and retain the relevant documentation and where appropriate seek independent investment, legal, tax, accounting or other professional advice as appropriate.

This site may include forward-looking statements which are based on Barings’ current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.

Complaints (Applicable to Barings Affiliates In The United Kingdom Only)
If you would like to contact us in relation to any service or product you may write to the Complaints Officer, or you can email or phone; contact details are provided below. Any complaint will be handled in accordance with our internal complaints handling procedures. If you are not satisfied with the outcome of the complaint the Financial Ombudsman Service details are also provided below.

In relation to any product, fund or service offered by Baring Asset Management, please contact:

Links To Other Websites
This website contains links to other websites that we think might be of interest. You acknowledge that by using these links, you may be moving to a website provided by a third party. You confirm that you understand that linked websites and their providers are not controlled by Barings and we are not responsible and accept no liability for the contents of or the proper operation of any linked site. The inclusion of any link does not imply our endorsement.

Web Site Usage Disclaimer
You understand that the website is provided on an "as is" and "as available" basis and Barings gives no warranties, express, implied that the website will be provided uninterrupted or free from errors or that any identified defect will be corrected; further, no such warranty is given that the website or any information on it, are free from any virus or other malicious, destructive or corrupting code, program or macro. Barings does not warrant the web site or the server (s) that make(s) them available are free of any virus or other harmful elements.

Limitation Of Liability
Except to the extent prohibited by relevant law, you confirm that Barings shall not be liable to you or any other connected person who accesses the website or any information (whatever that maybe) contained on it for any damages. Including but not limited to, any direct, indirect, incidental, special or consequential damages or damages for loss of profits, good will, business interruption, use, data, equipment or other intangible losses, that result from; 1) the use of or inability to use this website or the information contained on it; 2) the consequence of any decision made or non-action taken by you or by anyone to whom you communicate such information, or for any errors by you in communicating such information; 3) the cost of substitute services; or 4) any other matter relating to the website or information contained on it, whatsoever.

Copyright And Trademark
The website and the material contained in it are the copyright of Barings and may not be copied, distributed, uploaded, posted, republished, decompiled, disassembled, reverse-engineered or transmitted in any way without the prior, written consent of the appropriate party. You can, however, download material for your personal non-commercial use within the organization in which you work on condition that you do not delete or change any copyright, trademark or other proprietary notice contained in the materials nor alter the way in which they are presented. Modification or use other than as permitted above violates Barings intellectual property rights in the materials. The trademarks, service marks and logo (the "Trademarks") used and displayed on the web site are registered and unregistered trademarks of Barings. Nothing on the web site should be construed as granting any license or right to use any Trademarks displayed. Barings enforces infringements of its intellectual property rights to the extent permitted by the law.

Governing Law
The agreement between Barings and you relating to your use and browsing of the website is governed by and shall be construed in accordance with English law. These terms and conditions constitute the entire agreement between us relating to your use and browsing of the website and may not be modified unless Barings agrees in writing.

Modification
We may change these terms from time to time without notice. You must review and remain aware of the contents of these terms each time you use this website. By using this website following any changes to the terms, you are agreeing to accept and be bound by those changes.

All information contained in this web site is subject to change without notice.

* Barings is the brand name for the asset management or associated businesses of Barings affiliates worldwide. The Barings companies include:

Barings LLC (“Barings”), a Delaware limited liability company, has been registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”) since November 1, 1940. Barings has been registered as a Commodity Trading Advisor and Commodity Pool Operator with the Commodity Futures Trading Commission (“CFTC”) and has been a member of the National Futures Association (“NFA”) since January 17, 2013. Certain employees of Barings are registered as principals, branch office managers and associated persons with the CFTC/NFA. Since January 12, 2010, Barings has held a California Finance Broker’s License with the California Department of Business Oversight. Barings has relied on the International Adviser Exemption with the Ontario Securities Commission since December 18, 2009, the Quebec Financial Markets Authority since December 18, 2009, the British Columbia Securities Commission since November 19, 2010, the Alberta Securities Commission since July 30, 2012, the Nova Scotia Securities Commission since November 20, 2013, the Manitoba Securities Commission since August 19, 2014, and the New Brunswick Financial and Consumer Services Commission since August 19, 2014. It has been authorized as an investment manager to authorized collective investment schemes with the Central Bank of Ireland / Irish Financial Services Regulatory Authority since July 14, 2008 and has been an exempted investment firm with the Netherlands Authority for the Financial Markets since September 13, 2007. Since August 26, 2008, it has held a Class Order Exemption with the Australian Securities and Investments Commission and a Cross-Border Discretionary Investment License with the South Korea Financial Services Commission since March 2016.

Barings Securities LLC (“BCS”), a Delaware limited liability company, is a wholly-owned subsidiary of Barings. BCS acts as a placement agent for private funds, including funds sponsored and/or advised by Barings and its affiliates, as well as, from time to time, unaffiliated third parties. Since January 11, 1995, BCS has been registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority. Certain employees of Barings and its affiliates are registered representatives of BCS. Barings has relied on the International Dealer Exemption with the Ontario Securities Commission since December 18, 2009, the Quebec Financial Markets Authority since December 18, 2009, the British Columbia Securities Commission since November 19, 2010, the Alberta Securities Commission since July 30, 2012, the Nova Scotia Securities Commission since November 20, 2013, the Manitoba Securities Commission since August 19, 2014, and the New Brunswick Financial and Consumer Services Commission since August 19, 2014.

Barings (U.K.) Limited (“Barings UK”), a private limited company incorporated in England and Wales, is an indirect, wholly-owned subsidiary of Barings. Barings UK is an investment manager and adviser for a broad range of institutional investors. Since December 1, 2001, Barings UK has been regulated by the Financial Conduct Authority in the United Kingdom as an investment adviser and is authorized as a Markets in Financial Instruments Directive firm (MiFID) in several European Union jurisdictions under the MiFID passport regime. Barings UK has been registered with the SEC as an Exempt Reporting Adviser since March 29, 2012 and has been an Exempt Commodity Pool Operator with the CFTC/NFA since January 2013.

Barings Global Advisers Limited (“BGA”), a private limited company incorporated in England and Wales, is a wholly-owned subsidiary of Barings UK. BGA acts as an investment manager and adviser for a broad range of institutional investors. Since October 21, 2011, BGA has been regulated by the Financial Conduct Authority in the United Kingdom as an investment adviser and is authorized as a Full Scope Alternative Investment Fund Manager in several European Union jurisdictions under the Alternative Investment Fund Managers Directive (AIFMD) passport regime. Since February, 7, 2012, it has been registered as an investment adviser with the SEC. BGA has been an Exempt Commodity Pool Operator with the CFTC/NFA since January 2013.

Barings Australia Pty Ltd (“Barings Australia”), a private company incorporated in Australia, is an indirect, wholly-owned subsidiary of Barings. Barings Australia manages assets of Australian institutional investors in Australia. Since January 27, 2010, Barings Australia has been regulated as an investment adviser in Australia under its Australian Financial Services License issued by the Australian Securities and Investments Commission. Barings Australia has been registered as an Exempt Reporting Adviser with the SEC since October 30, 2014.

Barings Real Estate Advisers LLC (“Barings RE”), a Delaware limited liability company, is a wholly-owned subsidiary of Barings. Barings RE is a global real estate investment organization providing investment and advisory services to institutional and other qualified investors in public and private debt and equity real estate investments. Barings RE been registered as an investment adviser with the SEC since April 1, 1996.

Barings Real Estate Advisers Europe Finance LLP (“Barings Europe”), limited liability partnership organized in the United Kingdom, is an indirect, wholly- subsidiary of Barings RE. Barings Europe provides investment advice and asset management services and distributes securities for Barings RE’s global clientele. Barings Europe has been authorized with a Banks, Building Societies and Investment Firms (BIPRU) limited license and regulated by the Financial Conduct Authority in the United Kingdom since August 23, 2004.

Barings Real Estate Advisers Inc. (“Barings Inc”), a Delaware corporation, is a wholly-owned subsidiary of Barings RE. Barings Inc brokers commercial mortgage loans. Barings Inc has held a California Finance Broker’s License from the California Department of Business Oversight since October 24, 2007.

BREAE AIFM LLP (“BREAE”), a limited liability partnership organized in the United Kingdom, is an indirect, wholly-owned subsidiary of Barings RE. BREAE acts as an Alternative Investment Fund Manager for European Union domiciled real estate funds. BREAE has been registered as an Alternative Investment Fund Manager with the Financial Conduct Authority in the United Kingdom since March 1, 2016.

Baring Asset Management Limited (“BAML”), a private limited company incorporated in England and Wales, is an indirect, wholly-owned subsidiary of Barings. BAML acts as an investment adviser. BAML has been authorized and regulated as an investment manager/adviser by the Financial Conduct Authority since December 1, 2001 and is authorized as a Markets in Financial Instruments Directive firm (MiFID) in several European Union jurisdictions under the MiFID passport regime. It is registered with the Securities and Exchange Board of India as a Foreign Institutional Investor (its current license will expire June 30, 2017) and has been approved to operate a representative office in Dubai by the Dubai Financial Services Authority since July 21, 2010. It has been registered as an Exempt Reporting Adviser with the SEC since March 30, 2012 and as an Exempt Commodity Pool Operator with the CFTC/NFA.

Barings Asset Management (Asia) Limited (“BAM Asia”), a private company incorporated in Hong Kong, is an indirect, wholly-owned subsidiary of BAML. BAM Asia acts as an investment adviser. BAM Asia holds several licenses with the Hong Kong Securities and Futures Commission: a Type 1 License (dealing in securities) since August 29, 2003, a Type 2 License (dealing in futures contracts) since September 7, 2015, a Type 4 License (advising on securities) since August 28, 2003, a Type 5 License (advising on futures contracts) since August 28, 2003 and a Type 9 License (asset management) since August 28, 2003. BAM Asia has been authorized as a discretionary investment management business in South Korea by the Financial Services Commission since June 19, 2009 and as a qualified foreign institutional investor in China by the Securities Regulatory Commission since November 25, 2014.

Baring Asset Management (Australia) Pty Limited (“BAM Australia”), a private company organized in Australia, is an indirect, wholly-owned subsidiary of BAML. BAM Australia has held a Financial Services License with the Australian Securities and Investments Commission since January 22, 2004. BAM Australia is currently dormant.

Baring Asset Management (Korea) Limited (“BAM Korea”), a private company incorporated in South Korea, is an indirect, wholly-owned subsidiary of BAML. BAM Korea acts as an investment adviser. Since February 26, 1988, it has been authorized by the South Korean Financial Services Commission and the Financial Supervisory Service to engage in collective investment business, privately placed collective investment business for professional investors, discretionary investment business, and advisory business, and is registered with the Ministry of Strategy and Finance to engage in foreign exchange business.

Baring Asset Management Switzerland Sàrl (“BAM Switzerland”), a private company incorporated in Switzerland, is an indirect, wholly-owned subsidiary of BAML. BAM Switzerland performs fund marketing activities in Switzerland on behalf of BAML. Since July 7, 2015, it has been authorized by the Switzerland Financial Market Supervisory Authority to offer and/or distribute collective capital investments.

Baring Fund Managers Limited (“BFM”), a private limited company incorporated in England and Wales, is a wholly-owned subsidiary of BAML. BFM has been authorized as a manager of collective investment schemes with the Financial Conduct Authority in the United Kingdom since December 1, 2001 and is authorized as an Alternative Investment Fund Manager in several European Union jurisdictions under the Alternative Investment Fund Managers Directive (AIFMD) passport regime.

Baring International Fund Managers (Ireland) Limited (“BIFM”), a private limited company incorporated in Ireland, is an indirect, wholly-owned subsidiary of BAML. BIFM is a manager of Irish collective investment schemes and funds. It has been authorized as an Alternative Investment Fund Manager in several European Union jurisdictions under the Alternative Investment Fund Managers Directive (AIFMD) passport regime and, since April 28, 2006, as a UCITS management company with the Central Bank of Ireland.

Baring International Investment Limited (“BIIL”), a private limited liability company incorporated in England and Wales, is a wholly-owned subsidiary of BAML. BIIL acts as an investment adviser. BIIL has been authorized and regulated as an investment manager/adviser by the Financial Conduct Authority in the United Kingdom since December 1, 2001 and is authorized as a Markets in Financial Instruments Directive firm (MiFID) in several European Union jurisdictions under the MiFID passport regime. BIIL has been registered as an investment adviser with the SEC since April 15, 1980. It has been registered as an Exempt Commodity Pool Operator and Exempt Commodity Trading Advisor with the CFTC/NFA since September 28, 2009. BIIL has relied on the International Adviser Exemption with the Alberta Securities Commission since January 27, 2010, British Columbia Securities Commission since January 27, 2010, Quebec Financial Markets Authority since February 1, 2010 and Manitoba Securities Commission since February 17, 2010.

Baring North America LLC (“BNAL”), a Massachusetts limited liability company, is a wholly-owned subsidiary of Barings. BNAL provides sales and client service activities on behalf of BIIL clients. BNAL is as an Exempt Commodity Pool Advisor with the CFTC/NFA. It has been registered as an Exempt Market Dealer and Investment Fund Manager with the Ontario Securities Commission since March 2, 2010 and with the Quebec Financial Markets Authority since September 5, 2012 and September 28, 2012, respectively.

Baring SICE (Taiwan) Limited (“Baring SICE”), a company limited by shares in Taiwan, is an indirect, wholly-owned subsidiary of BAML. Baring SICE has been authorized as a securities investment consulting business by the Taiwan Financial Supervisory Commission since June 2, 2008 and by the Taipei City Government since March 15, 1990.

The information on this site is issued by The Baring Emerging Europe PLC (the 'Company'). Promotional literature contained on this site is approved for issue in the United Kingdom by Baring Asset Management Limited, authorised and regulated by the Financial Conduct Authority. The information on this site is directed at residents of the United Kingdom.

This website is intended for persons who are resident for tax and investment purposes in the United Kingdom. Shares and warrants in the Company may not be available in all jurisdictions. Accordingly, this site is not directed at any person in any jurisdiction where the publication or availability of the information on this site is prohibited or restricted (whether by reason of a person's nationality, residence or otherwise) and this site may not be used for the purpose of, and does not constitute, an offer or solicitation by anyone in any jurisdiction or in any circumstances in which such offer or solicitation is not permitted.

Consequently, persons in respect of whom any such prohibitions or restrictions apply must not proceed any further onto this site. In particular, the shares and warrants cannot be offered or sold directly or indirectly: (i) in the US, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens or residents in any of those areas since the shares and the warrants are not registered under the US Securities Act 1933 and the Company is not registered under the US Investment Company Act of 1940; (ii) in Japan, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens or residents in any of those areas since the shares and the warrants are not registered under the Financial Instruments and Exchange Law (“FIEL”) of Japan; (iii) to the public in the Republic of France; (iv) in the Netherlands other than persons who trade or invest in securities in a professional or commercial capacity; (v) in Canada other than persons eligible to purchase such securities without the benefit of a Prospectus qualified under Canadian securities law. This site is governed by the laws of England.

General Risk Factors

Investment involves risks. The value of investments and any income generated may go down as well as up and is not guaranteed. Past performance is not a guide to future performance

• The initial charges (such as broker’s charges and stamp duty) will have an impact on the value of an investor's holding, particularly in the short term.
• Investors should regard their holdings as a long term investment.
• Shares in the Company have been admitted to the Official List and are traded on the London Stock Exchange's market for listed securities. Accordingly, shares are purchased by investors through the stock market and therefore investors will not be able to cancel their purchase. However, in respect of investments made within an Individual Savings Account (ISA) investors will have a 7 day period in which they can change their mind.
• Due to their fixed capital structure, investment trusts are able to borrow to raise further funds which can be used to buy additional securities for their portfolio, when the manager of the investment trust and its board of directors consider that it may be commercially advantageous for the investment trust to do so. This is generally described as 'gearing'. An investment trust which has purchased additional assets as a result of gearing may have a more volatile share price than one which does not, since gearing can increase shareholder returns in rising markets but conversely can increase the extent to which the value of the funds attributable to shareholders decreases in falling markets.
• Changes in rates of exchange may have an adverse effect on the value, price or income of an investment.
• Investors should be aware of the additional risks arising from companies trading on or investing in stock markets of emerging or developing countries where price volatility may be greater, and the ability of the investment trust to buy and sell its portfolio easily and without influencing its price (commonly known as the 'liquidity' of the market) may be lower, than those experienced in more developed economies and stock markets. There is also a risk associated with different settlement and custody practices.
• Where the income earned by an investment trust is insufficient to cover charges and expenses, the balances will be charged to capital, which may constrain capital growth.
• Investors should be aware that the Company has warrants in issue. A warrant is a time–limited right to subscribe for shares, debentures, loan stock or government securities and is exercisable against the original issuer of the underlying securities. A relatively small movement in the price of the underlying security results in a disproportionately large movement, unfavourable or favourable, in the price of the warrant. The prices of warrants can therefore be volatile. It is essential that investors wishing to purchase warrants understand that the right to subscribe which a warrant confers is invariably limited in time with the consequence that if the investor fails to exercise this right within the predetermined time–scale then the investment becomes worthless. You should not buy a warrant unless you are prepared to sustain a total loss of the money you have invested plus any commission or other transaction charges.

The information on this site does not constitute investment, tax, legal or other advice or recommendation or, an offer to sell or an invitation to buy shares or warrants in the Company. The information contained herein is reasonably believed to be accurate as at the date of publication but no warranty or guarantee (express or implied) is given as to accuracy. The information and any opinions expressed herein may change at any time. Information contained on this web-site must not be used, or relied on, for the purposes of any investment decisions. Potential investors should seek independent financial advice and read all relevant documents relating to the Company, such as its Report and Accounts and Prospectus, which describe the particular risks associated with an investment together with any specific restrictions which may be applicable and the basis of dealing.

Investment in a Fund is not intended to be a complete investment program for any investor. An investment should be viewed as a medium to long-term investment. As part of your long term investment planning you should consider diversifying your portfolio by investing in a range of investments and asset classes.

Privacy Policy And Data Protection

Any personal information you provide to Barings through any of the contact facilities on this website or by any other means whatsoever will be held in accordance with our data protection policies. While we take reasonable steps to ensure the security of personal data transmitted through this website, by accepting these terms and conditions you accept that the Internet is not a totally secure medium of communication of information and that such transmission(s) will be at your own risk.

Barings processes and stores personal data in accordance with the privacy and data protection laws applicable in the home jurisdictions of its affiliated companies. Personal data will not be held longer than is reasonably necessary. Personal data may also be used for operational and administrative purposes and may be shared between Barings companies.

Personal information supplied by you may on occasion be used for research and analysis purposes but it will not be released to third parties unless there is a legal or regulatory requirement to do so or unless the third party fulfills a service on Barings’ behalf that requires the information.
Where appropriate and if relevant, and where you have supplied personal information, such information may be processed and held by Barings and third parties that include, without limitation, service providers, counterparties, agents or regulators. Personal information may be used for administrative, assessment and analysis purposes. Information may be transferred outside your home jurisdiction or outside of the home jurisdiction of any particular Barings company. By providing your information you consent to the collection and use of data described above.

Complaints (Applicable to Barings Affiliates In The United Kingdom Only)

If you would like to contact us in relation to any service or product you may write to the Complaints Officer, or you can email or phone; contact details are provided below. Any complaint will be handled in accordance with our internal complaints handling procedures. If you are not satisfied with the outcome of the complaint the Financial Ombudsman Service details are also provided below.

Telephone: 0333 300 0372

BEE Plc
Northern Trust
50 Bank Street
Canary Wharf
London
E14 5NT

Financial Ombudsman Service
South Quay Plaza
183 March Wall
London
E14 9SR

Barings processes and stores personal data in accordance with the privacy and data protection laws applicable in the home jurisdictions of its affiliated companies. Personal data will not be held longer than is reasonably necessary. Personal data may also be used for operational and administrative purposes and may be shared between Barings companies.

Cookies

This site may use cookies or other information software to retrieve information about a visitor to the site. Barings does not, however, collect information sufficient to identify any individual nor will it use cookies or other information software to process personal data as defined by relevant data protection laws. Retrieved information will be limited to such information as is sufficient to identify the number of individual visitors to the site.

Web Site Usage Disclaimer

You understand that the website is provided on an "as is" and "as available" basis and Barings gives no warranties, express, implied that the website will be provided uninterrupted or free from errors or that any identified defect will be corrected; further, no such warranty is given that the website or any information on it, are free from any virus or other malicious, destructive or corrupting code, program or macro. Barings does not warrant the web site or the server (s) that make(s) them available are free of any virus or other harmful elements.

Limitation Of Liability

Except to the extent prohibited by relevant law, you confirm that Barings shall not be liable to you or any other connected person who accesses the website or any information (whatever that maybe) contained on it for any damages. Including but not limited to, any direct, indirect, incidental, special or consequential damages or damages for loss of profits, good will, business interruption, use, data, equipment or other intangible losses, that result from; 1) the use of or inability to use this website or the information contained on it; 2) the consequence of any decision made or non-action taken by you or by anyone to whom you communicate such information, or for any errors by you in communicating such information; 3) the cost of substitute services; or 4) any other matter relating to the website or information contained on it, whatsoever.

Copyright And Trademark

The website and the material contained in it are the copyright of Barings and may not be copied, distributed, uploaded, posted, republished, decompiled, disassembled, reverse-engineered or transmitted in any way without the prior, written consent of the appropriate party. You can, however, download material for your personal non-commercial use within the organization in which you work on condition that you do not delete or change any copyright, trademark or other proprietary notice contained in the materials nor alter the way in which they are presented. Modification or use other than as permitted above violates Barings intellectual property rights in the materials. The trademarks, service marks and logo (the "Trademarks") used and displayed on the web site are registered and unregistered trademarks of Barings. Nothing on the web site should be construed as granting any license or right to use any Trademarks displayed. Barings enforces infringements of its intellectual property rights to the extent permitted by the law.

Governing Law

The agreement between Barings and you relating to your use and browsing of the website is governed by and shall be construed in accordance with English law. These terms and conditions constitute the entire agreement between us relating to your use and browsing of the website and may not be modified unless Barings agrees in writing.

Modification

We may change these terms from time to time without notice. You must review and remain aware of the contents of these terms each time you use this website. By using this website following any changes to the terms, you are agreeing to accept and be bound by those changes.

All information contained in this web site is subject to change without notice.

* Barings is the brand name for the asset management or associated businesses of Barings affiliates worldwide.

You are now leaving Barings.com. We make no representations about the accuracy or completeness of the information contained in any external sites and assume no liability of the content or presentation of external sites.

Middle East

Global

お客様の投資家タイプを選択してください

You are now leaving Barings.com. We make no representations about the accuracy or completeness of the information contained in any external sites and assume no liability of the content or presentation of external sites.